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Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The following tables display the components of accumulated other comprehensive income (loss) (“AOCL”), net of tax, as of and for the years ended December 31, 2021 and 2020 (in millions):

			Cumulative Translation Adjustment						Pension and Postretirement Cost						Derivative Financial Instruments						AOCL
Balance at December 31, 2019			$	(479)					$	(399)					$	(42)					$	(920)
Other comprehensive income (loss) before reclassifications			(2)						(4)						3						(3)
Amounts reclassified to earnings			—						47						(4)						43
Net current period other comprehensive income (loss)			(2)						43						(1)						40
Balance at December 31, 2020			$	(481)					$	(356)					$	(43)					$	(880)
Other comprehensive income (loss) before reclassifications			(94)						46						11						(37)
Amounts reclassified to earnings			—						18						17						35
Net current period other comprehensive income (loss)			(94)						64						28						(2)
Balance at December 31, 2021			$	(575)					$	(292)					$	(15)					$	(882)

Reclassifications from AOCL to the results of operations for the years ended December 31, were pre-tax (income) expense of (in millions):

			2021						2020						2019
Pension and postretirement benefit plans (1)			$	23					$	72					$	9
Derivative financial instruments for effective cash flow hedges (2)			23						(6)						(7)

(1)See Footnote 11 for further information.

(2)See Footnote 10 for further information.

The income tax provision (benefit) allocated to the components of AOCL for the years ended December 31, are as follows (in millions):

			2021						2020						2019
Foreign currency translation adjustments			$	20					$	(28)					$	—
Unrecognized pension and postretirement costs			20						23						—
Derivative financial instruments			9						(1)						(3)
Income tax provision (benefit) related to AOCL			$	49					$	(6)					$	(3)

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- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-URI http://asc.fasb.org/topic&trid=2134417

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

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- References

No definition available.

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